We are 29 with a 1.5 year old.
Combined household income: 184k
I make 106,575 base here.
No debt except home with 100k equity and 82k in student loans.
Now, correct me if I’m wrong, but this sounds like a no brainer to me. Please fill me in if I’m missing anything.
We have about 80k in retirement accounts, 15k in cash, and could save another 10-20k before the move.
Sell the house here in NY and make 100k. Pay off the 82k in student loans (removed a 450k monthly payment).
Buy a house for 350k in Texas. Put down 5-10% and have a 25k emergency fund.
We will transition to a 1 income household in Texas. I expect a 35-40% salary decrease. No income tax in texas and a calculator shows that 67k salary in texas is equal to my 106,575 in NY. Sounds too good to be true.
Bigger home (1300sq ft home on Long Island now), better family life (wife would stay home with baby and have another baby), less property tax etc.
I currently work remote in Ny and I’m thinking of approaching my director soon to ask her thoughts about moving and keeping my job, though I expect a pay decrease, I won’t hint that until she brings that up
Does this sound like a good plan? Am I missing anything? Thanks.
Submitted March 02, 2021 at 05:51PM by goodfight10 https://ift.tt/3uQx6pR
